Unknown digital coin Chainlink (LINK) has experienced a massive rise behind the scene, signaling growing interest on stable coins. Most are aware that Bitcoin (BTC) has been on an impressive run in 2019, if a 300% plus rally is anything to go by. While the focus has been on the flagship cryptocurrency, it is becoming increasingly clear it is not the best performing crypto.
LINK Massive Surge
LINK price has surged by more than 1000%, from $0.289 as of the start of the year to highs of $4.14, from where it has corrected. Its market has since risen to over $1 billion. The massive surge comes on renewed investor interest in cryptocurrencies after a rollercoaster 2018.
LINK is the native cryptocurrency under Chainlink, a blockchain project created to address smart contracts deficiencies. The project seeks to address one of the biggest problems associated with Ethereum, which is one of the biggest blockchain platforms powering smart contracts.
Chainlink seeks to eliminate the role of intermediaries on smart contracts transactions as it goes against the basic principle of blockchain technology. The use of third parties in such transactions dents transparency and security.
With the creation of a decentralized network of oracles, Chainlink project has eliminated the third party problem, thus eliminating the risks associated with such roles. The elimination of third-party roles in smart contracts could as well explain why LINK the native crypto is flying high on huge volume. However, analysts remain unsure of the value of the coin in the Chainlink network.
Broader acceptance and adoption of cryptocurrencies has also had a big impact on LINK meteoric rise. Cryptocurrencies have taken flight in 2019 having become clear that they are here to stay. Mainstream Corporation such as Facebook and JPMorgan launching their own cryptocurrencies has once again fueled chatter of crypto mainstream adoption, consequently bolstering their sentiments in the market.
The big question now is whether LINK has what it takes to continue rising after the blockbuster move up. The fact that the broader cryptocurrency market appears to be following a pattern hints at possible pullbacks awaiting to see if further rallies will come into play after corrections. Sign up below to follow LINK and other breaking cryptos.